© Reuters
In a latest report, Coinbase (NASDAQ:) supplied an optimistic outlook for the crypto market in 2024. The report, titled “Coinbase 2024 Crypto Market Outlook,” highlighted the resilience and potential progress of cryptocurrencies regardless of the challenges confronted previously yr.
In accordance with the report, the overall cryptocurrency market capitalization doubled in 2023, suggesting that it has already exited its “winter” and is now within the midst of a transition.
“Nonetheless, we expect it would be untimely to place labels on this or see the optimistic efficiency as vindication in opposition to the cynics who reveled in crypto’s tremendously exaggerated demise. What’s clear, nonetheless, is that regardless of the hurdles directed in direction of the asset class, the developments we witnessed over the previous yr have defied expectations. They’re proof that crypto is right here to remain. The problem now could be to grab the second and construct one thing higher,” talked about within the report.
Key themes for 2024:
Institutional funding in : Coinbase predicts that institutional flows into cryptocurrency will proceed to focus totally on Bitcoin a minimum of by way of the primary half of 2024. This development is predicted to be pushed by conventional buyers’ rising curiosity within the crypto market.
Favorable macro tailwinds and regulation: The report anticipates favorable macroeconomic situations for threat belongings in 2024. Extra importantly, it foresees ongoing efforts in establishing regulatory frameworks for cryptocurrencies, which can facilitate long-term adoption.
Growth of real-world use instances: One other important development highlighted is the continual effort by builders to create real-world purposes for cryptocurrencies, the foundations of that are already evident.
Bettering consumer expertise: Lastly, Coinbase underscores the significance of enhancing the consumer expertise within the crypto house, the groundwork of which is being constructed. The report means that enhancements on this space might be key to transitioning from early adopters to mainstream customers.